Synovus price target raised to $53 from $42 at Piper Sandler

Piper Sandler analyst Stephen Scouten raised the firm’s price target on Synovus to $53 from $42 and keeps an Overweight rating on the shares. The company will likely have better revenues in 2H24, but remains cautiously optimistic to that end, the analyst tells investors in a research note. Modest loan growth will limit NII growth in the near-term, but as headwinds abate, 2025 could be a more fruitful year, Piper says.